ZEITENWENDE: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
ZEITENWENDE
Largest movements
- Receivables within one year -€249,134
down €249,134 (-94.9%), from €262,500 to €13,366
of which Trade receivables: -€260,592
- Current investments +€160,000
up €160,000 (+103%), from €155,828 to €315,828
- Cash +€73,702
up €73,702 (+32.9%), from €224,150 to €297,852
mainly Receivables within one year (+€249,134) and Deferred charges and accrued income (+€4,545)
- Tax, wage and social debts -€12,609
no longer reported in 2025 (was €12,609)
- Gross operating margin -€543,026
down €543,026, from €535,872 to -€7,154
- Taxes -€167,601
down €167,601 (-100.0%), from €167,615 to €14
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €650,318 | €629,041 | -€21,277 | -3.3% |
| Fixed assets | 21/28 | €1,300 | - | -€1,300 | |
| Tangible fixed assets | 22/27 | €1,300 | - | -€1,300 | |
| Plant, machinery and equipment | 23 | €652 | - | -€652 | |
| Furniture and vehicles | 24 | €648 | - | -€648 | |
| Current assets | 29/58 | €649,018 | €629,041 | -€19,977 | -3.1% |
| Amounts receivable within one year | 40/41 | €262,500 | €13,366 | -€249,134 | -94.9% |
| Trade receivables | 40 | €262,500 | €1,908 | -€260,592 | -99.3% |
| Other amounts receivable | 41 | - | €11,458 | +€11,458 | |
| Current investments | 50/53 | €155,828 | €315,828 | +€160,000 | +103% |
| Cash at bank and in hand | 54/58 | €224,150 | €297,852 | +€73,702 | +32.9% |
| Deferred charges and accrued income | 490/1 | €6,540 | €1,995 | -€4,545 | -69.5% |
| Total equity and liabilities | 10/49 | €650,318 | €629,041 | -€21,277 | -3.3% |
| Equity | 10/15 | €633,819 | €628,881 | -€4,938 | -0.8% |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Reserves | 13 | €524,174 | €524,174 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €522,174 | €522,174 | = | 0.0% |
| Profit (loss) carried forward | 14 | €101,645 | €96,707 | -€4,938 | -4.9% |
| Amounts payable | 17/49 | €16,499 | €160 | -€16,338 | -99.0% |
| Amounts payable within one year | 42/48 | €16,499 | €160 | -€16,338 | -99.0% |
| Trade debts | 44 | €3,890 | €160 | -€3,730 | -95.9% |
| Suppliers | 440/4 | €3,890 | €160 | -€3,730 | -95.9% |
| Taxes, remuneration and social security | 45 | €12,609 | - | -€12,609 | |
| Taxes | 450/3 | €12,609 | - | -€12,609 | |
| Non-recurring operating income | 76A | €412,500 | - | -€412,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,658 | - | -€1,658 | |
| Other operating charges | 640/8 | €1,666 | €2,995 | +€1,329 | +79.8% |
| Gross operating margin | 9900 | €535,872 | -€7,154 | -€543,026 | |
| Operating profit (loss) | 9901 | €532,548 | -€10,149 | -€542,697 | |
| Financial income | 75/76B | €5,372 | €5,337 | -€34 | -0.6% |
| Recurring financial income | 75 | €5,372 | €5,337 | -€34 | -0.6% |
| Financial charges | 65/66B | €128 | €112 | -€16 | -12.8% |
| Recurring financial charges | 65 | €128 | €112 | -€16 | -12.8% |
| Profit (loss) for the period before taxes | 9903 | €537,791 | -€4,924 | -€542,715 | |
| Income taxes | 67/77 | €167,615 | €14 | -€167,601 | -100.0% |
| Profit (loss) for the period | 9904 | €370,176 | -€4,938 | -€375,114 | |
| Profit (loss) for the period to be appropriated | 9905 | €370,176 | -€4,938 | -€375,114 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.